How International Auditing Rules Are Shaping Standards in the U.S.



The International Auditing and Assurance Standards Board, which sets international auditing standards used in more than 130 countries and jurisdictions, has been trying to become more closely aligned with U.S.-focused standard setters.

The New York-based independent standards body is reviewing public feedback on proposed rules that would make risk a focus of audit firms’ approach to quality control. That proposal is now serving as the basis for revisions that the Public Company Accounting Oversight Board is considering making to its longstanding rules on quality control. The IAASB plans to issue the standards by June.

The IAASB works with organizations such as the PCAOB, which regulates the audits of U.S. public companies, and the American Institute of Certified Public Accountants, which sets the standards for audits of private companies in the U.S., in an effort to make its standards generally aligned with the others.

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Source: The Wall Street Journal

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